The historic breach triggered significant market disruptions, causing bitcoin and ether to drop to multi-week lows alongside US$643 million in single-day spot bitcoin ETF redemptions. To reassure its 335 million users, Binance spent corporate funds to purchase US$6 billion in replacement assets, covering 95 percent of the stolen balance. Customers subsequently pulled US$3.64 billion once services resumed, representing roughly 2.1 percent of total assets on the platform. The company is currently enabling withdrawals through a phased rollout, prioritizing 15 specific liquid tokens including major stablecoins.
Key points
The Federal Bureau of Investigation linked the historic US$6.3 billion cyber theft to the…: The Federal Bureau of Investigation linked the historic US$6.3 billion cyber theft to the North Korean state-sponsored unit TraderTraitor.
Withdrawals are being restored in prioritized phases, beginning with 15 tokens including…: Withdrawals are being restored in prioritized phases, beginning with 15 tokens including bitcoin, ether, dogecoin, and selected stablecoins.
Binance contested external data from DefiLlama claiming US$5.81 billion in net outflows,…: Binance contested external data from DefiLlama claiming US$5.81 billion in net outflows, maintaining that platform deposit volumes remained substantial.
Sources checked by our analysis pipeline: 1
The world's biggest cryptocurrency exchange has moved to reassure crypto investors and said withdrawals were stabilising after an initial spike.
Binance customers pulled US$3.64 billion, or 2.1 per cent of its assets, as the world's biggest cryptocurrency exchange resumed service after a security breach linked to North Korea saw US$6.3 billion stolen from the platform last week.
The exchange moved to reassure crypto investors and said withdrawals were stabilising after an initial spike and deposit volumes had remained "substantial" after what analysts believe may be the world's biggest financial robbery ever.
After hitting a six-week low on Friday, bitcoin prices recovered slightly through the weekend to trade above US$78,000 on Monday. Ether hit a two-month low on Friday and also recovered a little to US$2,287.
Binance, which allows users to buy, sell and trade digital assets, has 335 million registered users globally. It said on Sunday it had US$171 billion in total assets under management as of Oct 28.
The Binance theft adds to a string of recent crypto thefts. Attackers stole US$2.9 billion worth of cryptocurrency across nearly 150…
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